A little “thank you” in the office goes a long way

Who doesn’t like a pat on the back for a job well done? Employee recognition is a big part of the work environment. It helps boost engagement and improves morale. Research shows that employees who feel appreciated are more likely to be loyal and productive.

According to the 2015 Employee Recognition Report by the Society for Human Resource Management and Globoforce, values-based employee recognition efforts significantly contributes to bottom-line organizational metrics and helps create a stronger culture and more human workplace. The goal is to recognize and reward employees for doing the types of things that your company values. Here are some great ways to recognize and do just that without spending a fortune:

Provide a surprise day off — without having to use a vacation or sick day

Recognize work anniversaries

Provide some one-on-one time to celebrate achievements and provide an opportunity for individual employees to ask questions and voice concerns

Publicize achievements. Post achievements where everyone can see or send out an all-staff e-mail. Have active social channels? If appropriate, post their achievement there as well!

Reward employees for taking risks, even if they failed

Compensation is undoubtedly the most important part of keeping employees. But research shows that recognition is vitally important as well. In one survey, more than three-quarters of employees said they would be more likely to work harder if their efforts and achievements were recognized more often. Yet more than one-third of employees in another survey say they haven’t received any form of recognition from their employer within the last year. And perhaps most telling, in survey after survey, the lack of being recognized remains one of the top reasons why people leave their employers.